METHODS AND SYSTEMS FOR MANAGING AND TRADING USING A SHARED ORDER BOOK AS INTERNAL EXCHANGE

• US 20080177652A1
• Filed: 12/31/2007
• Published: 07/24/2008
• Est. Priority Date: 12/30/2006
• Status: Active Grant

• Current Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Original Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Inventors: Weiss, David
• Granted Patent: US 11,017,410 B2
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

Methods and corresponding system are herewith provided that, in certain embodiments, include the steps or steps of receiving a plurality of orders for an item from computing devices associated with a plurality of internal users; receiving a plurality of orders for the item from computing devices associated with a plurality of external users; determining a best bid and a best offer from the plurality of the orders from the plurality of internal users and the plurality of the external orders; and causing an interface screen to be displayed at a user computing device, the interface screen comprising a shared order book for the item that comprises a listing of the orders from the plurality of internal users and the plurality of external users sorted based at least by price, the shared order book arranged in a set of bid side columns and a set of ask side columns, each of the set of columns comprising at least one price column and at least one size column, and at least one column indicating a source of at least one of each of an order from an internal user and an order for an external user.

Claims

1. A computer implemented method comprising:

receiving a plurality of orders for an item from computing devices associated with a plurality of internal users;

receiving a plurality of orders for the item from computing devices associated with a plurality of external users;

determining a best bid and a best offer from the plurality of the orders from the plurality of internal users and the plurality of the external orders; and

causing an interface screen to be displayed at a user computing device, the interface screen comprising a shared order book for the item that comprises a listing of the orders from the plurality of internal users and the plurality of external users sorted based at least by price, the shared order book arranged in a set of bid side columns and a set of ask side columns, each of the set of columns comprising at least one price column and at least one size column, and at least one column indicating a source of at least one of each of an order from an internal user and an order for an external user.

2. The method of claim 1, wherein at least one of the plurality of orders comprise an indication of interest and wherein the indication of interest is maintained in the shared order book coincident with other orders.

3. The method of claim 2, wherein at least one of the plurality of orders comprise a quote and a request for a quote.

4. The method of claim 2, wherein the shared order book comprises a first column for internal user indications and at least a second column for external user indications.

5. The method of claim 1, wherein the shared order book comprises a first column for internal user price and a second column for external user prices.

6. The method of claim 1, wherein the shared order book comprises at least one of the best bid and the best offer from the plurality of orders.

7. The method of claim 6. wherein the at least one of the best bid and the best offer from the plurality of orders comprise a plurality of orders and wherein the at least one of the best bid and the best offer comprises an aggregate of sizes of the plurality of orders at the at least one of a best bid price and a best offer price.

8. The method of claim 1, wherein the source of the at least one of the best bid and offer comprises an external exchange and wherein the indication of the source comprises an identification associated with the external exchange.

9. The method of claim 8, wherein the source of at least one other of the best bid or offer comprises an internal user, the method further comprising receiving a counter side order from another internal user that is executable against at one of the best bid and the best offer, and executing by default the counter side order first against the order from the internal user and then against the order from the external exchange.

10. The method of claim 1, wherein the shared order book comprises at least one element for a user to expand at least one of internal market depth and external market depth.

11. The method of claim 1, wherein the shared order book comprises at least one of the best bid and the best offer from the plurality of orders displayed in a row with depth, when expanded, at least one of converging, below, and above therefrom.

12. The method of claim 1, wherein the shared order book comprises a price quality rating for at least a plurality of orders therein and wherein a plurality of orders in the shared order book are sorted further based on the price quality rating.

13. The method of claim 1, wherein the shared order book comprises an indication that distinguishes price type of at least one of orders, requests for quotes, quotes, and indications of interest.

14. The method of claim 1, wherein the interface is operable for a user to drag an order and drop the order into a price of another order therewith changing the price of the order into the price of the another order.

15. The method of claim 14, wherein the order is dropped into a counter side order, the method further comprising executing a trade between the order and the another order in response to the user dropping the order into the price of the another order.

16. The method of claim 1, wherein the shared order book comprises at least one column that shows at least one of a running total of traded items, an average price for the item, and a last price for the item.